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Steps to choose the best-fit cash flow tool for your enterprise

The objective of treasury technology evaluation is to find a system that fits the needs of a company. Firstly, the treasury team should choose the proper parameters to include in the primary examination to determine the must-have metrics for treasury solutions.

Some of the most common criteria utilized by organizations to execute this screening procedure are as follows:

  • Learn about the latest technological possibilities on the market and the capabilities offered by various tools (both online and offline) by using Google, LinkedIn, or attending conferences.
  • Examine using AFP, Strategic Treasury, Bob’s Guide, or other treasury technology tools.

The next step in shortlisting vendors or tools is to use a scorecard to score the tools based on the features offered by a tool. 

What’s there in the ready-to-use scorecard?

  • A variety of metrics are based on the top and trending features.
  • Assigned weights to the features based on priorities.
  • Automated calculation of the scores of the competitor tools.
  • Drop-down for scoring parameters on a scale of 0 to 4 based on how easily a tool meets a particular feature.

Benefits of using a scorecard

A scorecard of critical indicators will help you understand the key aspects of treasury solutions. This can be done by assigning a score to each tool based on the usability of the features specified in the RFP.

After reviewing the evaluation and computing the final ratings, it will be easy to decide and select a solution to use for automating treasury operations.

Need some help?

Get in touch with HighRadius today to leverage the best-fit treasury solution for your enterprise.

All you need to do is ‘Talk to Us’

The HighRadius™ Treasury Management Applications consist of AI-powered Cash Forecasting Cloud and Cash Management Cloud designed to support treasury teams from companies of all sizes and industries. Delivered as SaaS, our solutions seamlessly integrate with multiple systems including ERPs, TMS, accounting systems, and banks using sFTP or API. They help treasuries around the world achieve end-to-end automation in their forecasting and cash management processes to deliver accurate and insightful results with lesser manual effort.

Access the template here for choosing the best-fit cash flow tool

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